Seller agrees to sell and convey to buyer certain property described within the contract. The buyer is responsible for depositing earnest money with an escrow agent upon the execution of the contract by both parties. If the buyer fails to deposit the earnest money as required by the contract, the buyer will be in default. The broker advises the buyer to have an abstract of title covering the property examined by an attorney of the buyers selection, or the buyer should be furnished with or obtain a title policy.
Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legally binding document used in real estate transactions within Travis County, Texas. This contract is specifically designed for properties that qualify for financing through the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It ensures that both the buyer and seller fully understand and agree to the terms and conditions of the sale. The Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing outlines various aspects of the property sale, including purchase price, closing date, financing contingencies, and specific requirements related to FHA or VA financing. It provides comprehensive protection for both the buyer and the seller by establishing clear guidelines and responsibilities for each party involved. Some important features of this contract include: 1. Financing Contingencies: This contract allows buyers to include provisions related to obtaining FHA insured or VA guaranteed financing. If the buyer is unable to secure the specified financing within the agreed-upon timeline, they can terminate the contract without any penalties. 2. Repairs and Inspections: The contract typically allows the buyer to conduct inspections, including specialized FHA or VA appraisals, to ensure the property meets the respective financing requirements. If any repairs are mandated by the lender or revealed during inspections, the contract outlines the responsibilities of both parties in terms of completing these repairs. 3. Earnest Money: The contract establishes the amount of earnest money the buyer must provide as a show of good faith. The contract specifies how this money will be held, disbursed, or refunded in different scenarios throughout the transaction. 4. Seller's Disclosure: The seller is required to provide a completed and signed Seller's Disclosure Notice, which provides comprehensive information about the condition of the property, any known defects, and previous repairs or improvements. 5. Default and Remedies: The contract outlines the consequences if either party fails to fulfill their obligations. It specifies the options available to the non-defaulting party, such as seeking specific performance or terminating the contract, and the associated remedies or damages. It is important to note that variations of the Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing may exist, tailored to specific circumstances or additional conditions imposed by either the buyer or the seller. Furthermore, it is always recommended consulting with a qualified real estate attorney or professional to ensure compliance and understanding of the specific contract being used.Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing is a legally binding document used in real estate transactions within Travis County, Texas. This contract is specifically designed for properties that qualify for financing through the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It ensures that both the buyer and seller fully understand and agree to the terms and conditions of the sale. The Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing outlines various aspects of the property sale, including purchase price, closing date, financing contingencies, and specific requirements related to FHA or VA financing. It provides comprehensive protection for both the buyer and the seller by establishing clear guidelines and responsibilities for each party involved. Some important features of this contract include: 1. Financing Contingencies: This contract allows buyers to include provisions related to obtaining FHA insured or VA guaranteed financing. If the buyer is unable to secure the specified financing within the agreed-upon timeline, they can terminate the contract without any penalties. 2. Repairs and Inspections: The contract typically allows the buyer to conduct inspections, including specialized FHA or VA appraisals, to ensure the property meets the respective financing requirements. If any repairs are mandated by the lender or revealed during inspections, the contract outlines the responsibilities of both parties in terms of completing these repairs. 3. Earnest Money: The contract establishes the amount of earnest money the buyer must provide as a show of good faith. The contract specifies how this money will be held, disbursed, or refunded in different scenarios throughout the transaction. 4. Seller's Disclosure: The seller is required to provide a completed and signed Seller's Disclosure Notice, which provides comprehensive information about the condition of the property, any known defects, and previous repairs or improvements. 5. Default and Remedies: The contract outlines the consequences if either party fails to fulfill their obligations. It specifies the options available to the non-defaulting party, such as seeking specific performance or terminating the contract, and the associated remedies or damages. It is important to note that variations of the Travis Texas One to Four Family Residential Contract Realal— - FHA Insured or VA Guaranteed Financing may exist, tailored to specific circumstances or additional conditions imposed by either the buyer or the seller. Furthermore, it is always recommended consulting with a qualified real estate attorney or professional to ensure compliance and understanding of the specific contract being used.
